Ocean Energy Industry Forum 2010

Pelamis Wave Power - snapshot briefing

Max Carcas, Business Development Director

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Pelamis Wave Power

• 11 years experience and track record

• 65 highly skilled & experienced staff

• Strong expertise in mechanical, electrical, structural, hydraulic, offshore, control & systems engineering, and track record in marine operations

First to:– achieve independent design verification

– generate electricity from offshore wave power (2004)

• 16 investors with £43m invested

• £3.5m of direct grant support since 1998

PWP MANUFACTURING FACILITIES

power (2004)

– secure order for wave farm (2005)

– build and operate a wave farm (2008)

– secure order from major utility in UK

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PROJECT

BUILD

PROJECT

DEVELOPMENT

Company vision & business model

Technical

Component suppliers, subcontractors,

fabricators, vessel operators

Pelamis

Component suppliers,

vessel operators

PROJECT

OPERATION

To deliver cost competitive wave power generation, at scale, into a worldwide market

Ele

ctr

icit

y

co

nsu

mer

Project DeveloperDevelopment (1-3 yrs)

Technical feasibility studies

Environmental & Technical consultants,

Stakeholders, Government, etc

Project Owner Build (9-24 months)

Pelamis assembly & installation

Balance of plant supply, substation, submarine cable, network upgrades

Project OwnerOperation (>20 years)

Pelamis operation &

maintenance

Balance of plant maintenance, Insurers, site owner/lessor

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Pelamis Technological development

1998 1999 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010

Production prototype

Full-scale joint test

Full-scale R&D & design

1/7th-Scale prototype

Concept development

Primary R&D & modelling

Second commercial sale

Cost reduction & performance enhancement

P-2 Development

‘Hands free’ mooring system

First commercial sale

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P-1 Power Take Off system

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Portuguese wave farm

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Pelamis generating in Portugal

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20

25

30

35S

ha

re p

ric

e (

A$

)The Rise and Fall of Babcock & Brown

AT PEAK:

• MARKET CAP OF $9.1 BN

• 28 OFFICES WORLDWIDE

• 1,500 EMPLOYEES

• PLAN TO INVEST €2.2BN IN PORTUGUESE WAVE FARMS DISPOSAL OF

ENERSIS WIND ASSETS

0

5

10

15

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Sh

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pri

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(A

$)

ACQUISITION OF ENERSIS FOR €490m

VOLUNTARY ADMINISTRATION

LIQUIDATION

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2nd Commercial order

• Announced 9th February 2009• First order for a wave power installation by a

utility in the UK• Next generation machine – the P-2• Significant improvements to energy capture,

manufacturability and cost effectiveness• Machine construction in progress• Will be put through its paces and operated at

EMEC, Orkney during 2010

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P-2 second generation machine

STRUCTURE SIMPLER, CHEAPER

GREATER SYSTEM INTEGRATION

EVOLUTION OF P-1 MACHINE

NEW JOINT CONFIGURATION ENHANCED POWER TAKE OFF SYSTEM

IMPROVED CONTROL RESOLUTION

HIGH ECONOMIC PERFORMANCE

BETTER MANUFACTURABILITY

BETTER OPERABILITY

PROVEN RAPID

ATTACHMENT/

DETACHMENT

SYSTEM

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Recent project announced

• Aegir

• JV between PWP and Vattenfall

• Up to 20MW project

• Installation • Installation 2012/13

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Opportunities in Ireland

Key area of focus for PWP

• Foreshore licensing process resolved

• Development of project sites

• Grid work

• Partnerships to support project development

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Thankyou!